What does an insurance underwriter or insurer do?
The insurance underwriter is the local insurance company that underwrites the insured’s risk and performs the following important functions: • Underwrites the risk exposure and determines the premium that is to be charged • Issues the insurance policy to the insured usually via the insurance broker. • Agrees to indemnify the insured for any claims or losses that arise as a result of an insured peril. • Appoints the loss adjuster to investigate the cause of loss and establish the claim quantum. • Arranges to spread their risk exposure to professional reinsurers.
Related Questions
- Does the marine insurance underwriter cover replacement cost or depreciated value in cases of damage or equipment loss on board a vessel?
- If a title insurance underwriter is also the title agent, what should be shown on the Lines 1107 and 1108 of the HUD-1?
- What does an insurance underwriter or insurer do?
